Escrow is a legal arrangement whereby a thing (often money, but sometimes other property such as art, a deed of title, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in a contract. Upon that event occurring, the escrow agent will deliver the thing to the proper recipient, otherwise the escrow agent is bound by her or his fiduciary duty to maintain the escrow account. Read more on account definition escrow
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Real Estate News for YOU:
Almaden Minerals Ltd. Announces Closing of Private Placement (Marketwire via Yahoo! Finance)
Almaden Minerals Ltd.(NYSE-A: AAU) announces that it has closed in escrow a Private Placement of 86,000 Units at a price of $0.70 per Unit. Each Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional non-flow-through common share at a price of $1.00 per share for a period of 1 year from the Closing.
For Real Estate, Akron Ranked No. 1 In This College Poll (The Tampa Tribune)
Football fans awaiting President-elect Barack Obama's call for a college football playoff have another poll they can focus on in the meantime, thanks to Coldwell Banker Real Estate. Since the Akron Zips are ranked No. 1, rather than the Alabama Crimson Tide, this poll, at first glance, could cause football followers more grief than the various ballot- and computer-based rankings that determine ...
Hefty pay raises in troubled times on campus (San Francisco Chronicle)
The chancellor and governing Board of Trustees of the California State University system have continued to award hefty pay raises to top administrators this year even as the university moves toward capping student enrollment and slashing campus budgets....
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Escrow is not just a term for real estate. While escrow is best known in the context of real estate, escrow companies are also commonly used in the transfer of higher value properties like websites and businesses. It is even used in auction sites where two parties unknown to each other are making a transaction and there is no previous history.
In addition there can be lawyer transactions with clients that involve escrow.
Real estate agents are in some jurisdictions considered to act as escrow agents when they accept deposits for the purchase of real property.
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